Former, current execs of IIDL face charges for favouring firm

NEWDELHI: The Central Bureau of Investigation (CBI) has registered a case against the current and former managing directors (MD) of IFCI Infrastructure Development Limited (IIDL) for allegedly favouring an architecture project management company in awarding five projects. IIDL is a wholly-owned subsidiary of non-banking financial company IFCI Limited in the public sector.

The first information report (FIR) stated that IIDL awarded five projects — Fraser Suites in Delhi’s Mayur Vihar, Ramprastha Apartment in Ghaziabad, Management Development Institution in Jangipur, lFCl Financial City in Bengaluru, and 2lstMilestone Residency at Delhi-Meerut Road in Ghaziabad — to the architecure firm Holistic Urban Innovations Private Limited (HUIPL). IIDL paid in access to HUIPL in most of these projects, violating norms, the FIR stated.

HT has seen the FIR.

The FIR has been registered on the orders of the Central Vigilance Commission (CVC), which exercises superintendence over the probe agency in corruption cases.

Though the FIR states that Shivendra Tomar, one of the accused, is a former MD of IIDL, he is still holds the post.

ACCORDING TO THE FIR, IIDL AWARDED FIVE PROJECTS IN DELHI, BENGALURU, ETC TO THE ARCHITECTURE FIRM HOLISTIC URBAN INNOVATIONS PRIVATE LIMITED

The rest of the two accused are former MD of IIDL P Srinivas and HUIPL.

An email sent to HUIPL remained unanswered. A representative of IIDL said only the chief operating officer (COO) of the firm can answer the query. The COO could not be reached immediately for comment.

According to the company website, IFCI Limited to venture into the real estate and infrastructure sector as an institutional player in 2007.